Cite this article as:

Komkov I. V. Formal institutional factors’ influence on Russia’s internal debt dynamics. Izv. Saratov Univ., Economics. Management. Law, 2021, vol. 21, iss. 2, pp. 125-134. DOI:

This is an open access article distributed under the terms of Creative Commons Attribution 4.0 International License (CC-BY 4.0).

Formal institutional factors’ influence on Russia’s internal debt dynamics

Introduction. The role of domestic government borrowing in Russia’s fiscal policy has become prominent in 2020. The relevance of this topic is related to the budget’s need for additional sources of financing due to COVID-19 pandemic. The effectiveness of the state’s debt policy is influenced by many factors: the political structure of the state, legal institutions, the economic situation in the country, the quality of infrastructure. In this study, the impact of formal institutional factors on the dynamics of domestic debt, the possibility of improving debt policy in modern conditions are analyzed. Theoretical analysis. The article reveals the concept of institutions in the context of domestic debt, the causal dependence of the public borrowing dynamics on the functional characteristics of the formal institutions that form it. Empirical analysis. The analysis of the main formal institutional factors, namely: legal institutions, the economic situation in the country, the infrastructure and the political structure of the state is carried out. Results. In the course of studying the factors of domestic debt growth, the weaknesses of formal institutions that determine the dynamics of state domestic borrowing in modern conditions were identified. Proposals are made for improving the state policy in the sphere of Russia’s state debt.

  1. Budget Code of the Russian Federation of 31.07.1998 no. 145-FZ (an edition of 22.12.2020) (as amended and supplemented, entered into force on 01.01.2021). ATP «Consultant» [electronic resource] (in Russian).
  2. Ministerstvo finansov RF (Ministry of Finance of the Russian Federation. Site). Available at: (accessed 24 December 2020) (in Russian).
  3. International Monetary Fund and International Development Association. Debt Sustainability in Low-Income Countries – Proposal for an Operational ramework and Policy Implications. February 3, 2010. Available at: (accessed 18 December 2020).
  4. Ob#em gosdolga Rossii po itogam 2020 goda sostavit 20,4 trilliona rublei (The volume of Russia’s public debt by the end of 2020 will amount to 20.4 trillion rubles). Available at:МОСКВА%2C%2030%20сентября.%20%2FТАСС,21%2C4%25%20ВВП (accessed 23 November 2020) (in Russian).
  5. Rajzberg B. A., Lozovskij L. Sh., Starodubceva E. B. Sovremennyi ekonomicheskiy slovar’ [The Dictionary of Modern Economics]. Moscow, INFRA-M Publ., 2011. 512 p. (in Russian).
  6. Nort D. Institutions, Institutional Change and Economic Performance. Cambridge, Cambridge University Press, 1990. 152 p. (Russ. ed.: Moscow, Fond ekonomicheskoi knigi, 2013. 190 p.).
  7. Williamson O. E. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York, Free Press, 1985. 450 p. (Russ. ed.: St. Petersburg, Lenizdat, SEV Press, 1996. 702 p.).
  8. Coase R. H. The Firm, the Market, and the Law. University of Chicago Press, 1990. 226 p. (Russ. ed.: Moscow, Novoe izdatel’stvo, 2007. 224 p.).
  9. Meshalkin V. P., Fomchenkova L. V., Petrov I. A. The main features of the globalization of the world economy. Rossijskoe predprinimatel’stvo, 2002, no. 6, pp. 25–27 (in Russian).
  10. Agapova I. I. Institutsional’naia ekonomika [Institutional Economics: Textbook]. Moscow, Magistr Publ., 2017. 160 p. (in Russian).
  11. Tsaregradskaia J. K. Theoretical and Legal Framework of State Debt of the Russian Federation: Essence, Content and Functions. Actual Problems of Russian Law, 2016, no. 4, pp. 69–76 (in Russian).
  12. Rynochnoy yomkosti vnutrennikh investorov mozhet byt’ nedostatochno dlya vypolneniya ambitsioznoy programmy gosudarstvennykh zaimstvovaniy (The market capacity of domestic investors may not be sufficient to meet an ambitious government borrowing program). Available at: (accessed 15 December 2020) (in Russian).
  13. Issledovaniye: 1 mln rossiyskikh predpriyatiy malogo i srednego biznesa zakrylis’ za god (Research: 1 million Russian small and medium-sized businesses closed in a year). Available at: (accessed 13 December 2020) (in Russian).
  14. Medium-term forecast of the Bank of Russia based on the results of the meeting of the Board of Directors on the key rate on April 24, 2020. Tsentral’nyi bank Rossiiskoi Federatsii (The Central Bank of the Russian Federation. Site). Available at: (accessed 23 December 2020) (in Russian).
  15. Main directions of the state debt policy of the Russian Federation for 2017–2019. Ministerstvo finansov Rossiiskoi Federatsii (The Ministry of Finance of the Russian Federation. Site). Available at: (accessed 13 December 2020) (in Russian).
  16. Statistical information on clients of stock market participants of the Moscow Exchange. Moskovskaya birzha (Moscow Exchange. Site). Available at: (accessed 23 December 2020) (in Russian).
  17. Rynok regional’nykh obligatsiy: prichiny stagnatsii (Regional bond market: Reasons for stagnation). Available at: (accessed 23 December 2020) (in Russian).
Full Text (PDF):